Question
Exercise 20-3 (Part Level Submission) VaughnCompany provides the following information about its defined benefit pension plan for the year 2017. Service cost$90,100Contribution to the plan104,900Prior
VaughnCompany provides the following information about its defined benefit pension plan for the year 2017.
Service cost$90,100Contribution to the plan104,900Prior service cost amortization10,800Actual and expected return on plan assets63,000Benefits paid40,700Plan assets at January 1, 2017643,200Projected benefit obligation at January 1, 2017690,100Accumulated OCI (PSC) at January 1, 2017150,500Interest/discount (settlement) rate10%
(a)
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017.(Enter all amounts as positive.)
VAUGHN COMPANY
Pension Worksheet2017.
General Journal Entries
Memo Record
Items
Annual
Pension Expense
Cash
OCI
Prior Service Cost
Pension Asset/
Liability
Projected Benefit
Obligation
Plan
Assets
Balance, January 1, 2017$
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$
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$
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$
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$
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$
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Service cost
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Interest cost
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Actual return
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Amortization of PSC
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Contributions
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Benefits
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Journal entry for 2017$
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$
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Accumulated OCI, Dec. 31, 2016
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Balance, Dec. 31, 2017$
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$
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$
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$
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College Accounting Chapters 1-13
Authors: John Price
14th Edition
007763991X, 9780077639914
